Edgar Detoya, tax consultant, began his practice the firm are as follows: Detoya invested P150,000 in the firm. 2 Dec. 1 Paid rent for December to Recoletos Realty, P8,000. Purchased supplies on account, P7,200. Acquired P75,000 of office equipment, paying P37,000 down with the balance due in 30 days. Paid P7,200 on account for supplies purchased. Paid assistant's salaries for two weeks, P6,000. Performed consulting services for cash, P20,000. Paid assistant's salaries for two weeks, P6,000. Billed clients for December consulting services, P48,000. 2 3 8 14 20 28 30 31 Detoya withdrew P12,000 from the business.

Edgar Detoya, tax consultant, began his practice the firm are as follows: Detoya invested P150,000 in the firm. 2 Dec. 1 Paid rent for December to Recoletos Realty, P8,000. Purchased supplies on account, P7,200. Acquired P75,000 of office equipment, paying P37,000 down with the balance due in 30 days. Paid P7,200 on account for supplies purchased. Paid assistant's salaries for two weeks, P6,000. Performed consulting services for cash, P20,000. Paid assistant's salaries for two weeks, P6,000. Billed clients for December consulting services, P48,000. 2 3 8 14 20 28 30 31 Detoya withdrew P12,000 from the business.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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